Yilport joins battle for US terminal
Yildirim Holding Inc. said it has lined up the financing for its subsidiary Yilport Holding to bid for a multiyear concession for the Long Beach Container Terminal in California.
Company chairman Yuksel Yildirim said he has already met with regulators who are reviewing a deal, reported The Wall Street Journal. Three other international companies are also bidding for the terminal.
Mr Yildirim said that cash and access to financing is available to complete an agreement likely to be worth between US$1.6-2bn, and which could create an inroad into North American shipping operations for Yilport.
Yildirim Holding won’t need to unload assets that include a minority stake in French container shipping giant CMA CGM SA to raise proceeds, stated Mr Yildirim.
Turkish port operator YilPort Holding has four terminals in Turkey, two in Sweden, one in Norway, seven in Portugal, two in Spain, plus single terminals in Ecuador, Peru and Malta.
Other bidders for the terminal concession are believed to be Australia’s Macquarie Group, Sweden-based multinational private-equity group EQT Infrastructure and U.S. fund Stonepeak Infrastructure Partners.
JPMorgan Chase & Co. is running the sale process, which is expected to be completed next month.
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